Hi folks, I thought i'd start a trading journal based on Cobra's THV scalping system. I will post every trade, winner or loser. I am currently trading on demo but will be going live if i'm happy with consistent results.
A little history, I would class myself as a 'newbie' but i'm not entirely new to forex. I know the basics of technical analysis and can spot S&R. I traded breakouts last year and after initial good results, I lost my head a little bit, over-levereged and wiped a third of my account (luckily a very small account). That was time to step back from trading for a while.
I am now trading the THV v4 system which I like because it allows me to continue to trade breakouts, incorporate technical analysis (it's not completely mechanical) and I like the 'feel' of the system. I hope the necessity of having to update my thread will keep my mind focussed.
Trading Days
Will primarily be Mondays, Thursdays & Fridays, however I may need to take weeks off without notice because of university commitments. When I do open a live account, it will be a small one because i'm a poor student. This is primarily a hobby and an interest for me, I do not intend to make a living from it at this stage.
Rules
EUR/USD & Cable will be the pairs I look at. I'm aiming for 20 - 30 pips a day, and after that the computer will be turned off. I hope to make these first thing in the morning during Europe & London open.
Entry: I will be entering on the cross of trix, with the trend only (i.e. above coral for long, below for short). I will wait for a clearance of the Ichimoku cloud before entry. I will also be on the lookout for divergence. I may, for instance, enter early before trix crosses if there is a trendline break as in the picture below.
Exit: I will respect S&R levels, pivots, and trendlines to determine exits, or exit on the change of the fast trix. SL will be ATR unless there is a reason why it shouldn't be.
New Exit Rule: I will move stops to B/E after half of the 3xATR(20) is reached and take 50% profits here.
I pledge not to
Mess around with other systems half cocked after a bad day, use an EA, blow an account, over leverage, break the above rules, be honest about losses as well as wins.
See you tomorrow when London opens!
Running pip total as of 13th October: 66.5
A little history, I would class myself as a 'newbie' but i'm not entirely new to forex. I know the basics of technical analysis and can spot S&R. I traded breakouts last year and after initial good results, I lost my head a little bit, over-levereged and wiped a third of my account (luckily a very small account). That was time to step back from trading for a while.
I am now trading the THV v4 system which I like because it allows me to continue to trade breakouts, incorporate technical analysis (it's not completely mechanical) and I like the 'feel' of the system. I hope the necessity of having to update my thread will keep my mind focussed.
Trading Days
Will primarily be Mondays, Thursdays & Fridays, however I may need to take weeks off without notice because of university commitments. When I do open a live account, it will be a small one because i'm a poor student. This is primarily a hobby and an interest for me, I do not intend to make a living from it at this stage.
Rules
EUR/USD & Cable will be the pairs I look at. I'm aiming for 20 - 30 pips a day, and after that the computer will be turned off. I hope to make these first thing in the morning during Europe & London open.
Entry: I will be entering on the cross of trix, with the trend only (i.e. above coral for long, below for short). I will wait for a clearance of the Ichimoku cloud before entry. I will also be on the lookout for divergence. I may, for instance, enter early before trix crosses if there is a trendline break as in the picture below.
Exit: I will respect S&R levels, pivots, and trendlines to determine exits, or exit on the change of the fast trix. SL will be ATR unless there is a reason why it shouldn't be.
New Exit Rule: I will move stops to B/E after half of the 3xATR(20) is reached and take 50% profits here.
I pledge not to
Mess around with other systems half cocked after a bad day, use an EA, blow an account, over leverage, break the above rules, be honest about losses as well as wins.
See you tomorrow when London opens!
Running pip total as of 13th October: 66.5
